New Zealand Energy Corp. ("NZEC" or the "Company") (TSX-V: NZ, OTCQX:NZERF) today announced that the Company is drilling its seventh well on its 100%-owned Eltham Permit in the Taranaki Basin.
On November 10, NZEC commenced drilling the Arakamu-2 well, targeting the Mt. Messenger Formation at an approximate depth of 2,300 metres. Drilling is proceeding well and is currently at about 1,500 metres. NZEC expects to spud Arakamu-1A in December, targeting the Moki Formation at approximately 2,700 metres. NZEC plans to drill Arakamu-1A using the surface casing of the existing Arakamu-1 well, drilled by a previous permit holder in 2006.
On behalf of the Board of Directors
Bruce McIntyre, Executive Director
About New Zealand Energy Corp.
NZEC is an oil and natural gas company engaged in the production, development and exploration of petroleum and natural gas assets in New Zealand. NZEC's property portfolio collectively covers approximately 2.25 million acres (including pending permits) of conventional and unconventional prospects in the Taranaki Basin and East Coast Basin of New Zealand's North Island. The Company's management team has extensive experience exploring and developing oil and natural gas fields in New Zealand and Canada, and takes a multi-disciplinary approach to value creation with a track record of successful discoveries. NZEC plans to add shareholder value by executing a technically disciplined exploration and development program focused on the onshore and offshore oil and natural gas resources in the politically and fiscally stable country of New Zealand. NZEC is listed on the TSX Venture Exchange under the symbol "NZ" and on the OTCQX International under the symbol "NZERF". More information is available at www.newzealandenergy.com or by emailing info@newzealandenergy.com.
Source: New Zealand Energy Corp.
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